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African Petrochemicals is Africa’s leading bi-monthly trade magazine featuring all the latest petrochemical industry news, special reports, technological advances etc.

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  • As Oil Crisis Bites, Brazil States Mull New E&P Taxes
    Posted by Irina Slav on August 30, 2016 at 2:08 pm

    Brazil’s oil-producing states are considering the implementation of new taxes for exploration and production companies operating on their territory in a bid to prop up their ailing finances, struck hard by the continuing oil price depression. The idea is not new: last year Rio de Janeiro imposed a tariff of 2.71 reals (US$0.84) for environmental surveillance on every barrel of crude oil and oil equivalent, along with an 18-percent VAT rate on locally extracted oil. Naturally, the tariff and the tax did not sit well with the local operators--including […]

  • Shell: Oil Markets To Balance In Late 2017
    Posted by Erwin Cifuentes on August 29, 2016 at 10:05 pm

    The Chief Energy Adviser at Shell, Wim Thomas, on Monday claimed that the glut in oil supplies that have forced down prices for more than two years will not likely clear until the latter half of 2017. In remarks made to the Reuters news agency, Thomas observed that several factors would push a rebalancing of the oil market later than forecasted by most commodity analysts, including the possibility of uncertainty related to oil output in Iraq and Iran. The Iraqi government and foreign oil investors earlier this month vowed to restart suspended investment […]

  • Statoil Cuts Sverdrup Oil Field Development Costs By $2.9B
    Posted by Tsvetana Paraskova on August 29, 2016 at 9:39 pm

    Norway’s Statoil (NYSE:STO) said on Monday that it had reduced its estimated development costs of the first phase of its giant Johan Sverdrup oil field in the North Sea by US$2.89 billion (24 billion Norwegian kroner) since the authorities approved its plan for development and operation (PDO) in August last year. Statoil, which is operator of the Johan Sverdrup with a 40-percent interest, has also reduced the break-even to below US$25 per barrel for phase 1. Johan Sverdrup will be developed in several stages and the estimate for the full-field […]

  • The Magic Number For Oil Bulls Remains In Sight
    Posted by Rakesh Upadhyay on August 29, 2016 at 7:58 pm

    Zev Spiro, chief market technician of Orips Research is forecasting oil to reach above $70 a barrel in the near future, as oil’s weekly charts show a bullish “inverse head and shoulders” pattern. "This large complex bottoming pattern could trigger a confirmed move above the horizontal neckline in the $50-$51 area," he said Thursday on CNBC's Futures Now. "[This] would signal a primary uptrend with a minimum expected price objective in the $73 to $76 area." In order for any research to be useful, it should be studied in all tim […]

  • Qatar to Launch $10B Barzan Gas Project in November
    Posted by Tsvetana Paraskova on August 29, 2016 at 7:46 pm

    In a bid to meet growing domestic energy demand, Qatar is getting ready to start operations at its US$10-billion Barzan gas project this November, which will increase the country’s daily gas output by up to 2 billion cubic feet once capacity is reached in 2017, Reuters reports, citing two sources in the know. Qatar’s huge infrastructure investments ahead of the 2022 FIFA World Cup and its expansion of the civil aviation industry have spurred energy demand, and the country’s demand for refined oil products has more than doubled […]

  • Teapot Tax Clampdown May Slow China’s Oil Imports
    Posted by Tsvetana Paraskova on August 29, 2016 at 5:34 pm

    The Chinese authorities’ recently-announced attempt to impose stricter control on taxes paid by independent refineries may potentially result in slowed short-term crude import plans, although it is unlikely to lead to substantial impacts in the longer run, according to a Platts analysis published on Monday. Following complaints by established state-owned refinery giants that independents were not paying enough taxes, the Chinese National Development and Reform Commission (NDRC) said last week it could ban companies found to be avoiding taxes […]

  • Sinopec First-Half Profit Slumps on Low Oil Prices
    Posted by Tsvetana Paraskova on August 29, 2016 at 5:15 pm

    China Petroleum and Chemical Corporation (NYSE:SNP), or Sinopec, reported on Sunday a first-half net profit down by 21.6 percent on the year as its refining business was not enough to offset the low crude prices. Sinopec booked a net profit of US$2.982 billion (19.9 billion yuan) for January to June, and its operating profit dropped 13.3 percent to US$5.259 billion (35.1 billion yuan). Crude oil production fell 11.43 percent, with domestic crude production at 128.38 million barrels and overseas crude production at 25.79 million barrels. In t […]

  • Russian Firm Seals $1 Billion Oil Rig-Building Deal With Iran
    Posted by Irina Slav on August 29, 2016 at 4:13 pm

    Russian shipyard Krasnye Barrikady will build five offshore drilling rigs for Iran in a US$1-billion deal signed by the firm’s CEO, Aleksandr Ilichev, and the head of Iran’s Tasdid Offshore Development Company, Ehsan Mousavi. The deal also envisages the transfer of Russian rig-building know-how to the National Iranian Oil Company and the setting up of an offshore and onshore rig overhaul hub in southern Iran. Chinese companies will also be involved in this part of the deal, Mousavi told local media. The first rig that Krasnye Barrikady […]

  • Oil Prices Edge Lower On Firm Dollar
    Posted by Matt Smith on August 29, 2016 at 3:43 pm

    Oil prices are retracing to start the week, as producer rhetoric rumbles on, and the U.S. dollar strengthens. Hark, here are five things to consider in oil markets today. 1) I was out on CNBC's Squawk Box this morning, talking about a whole host of things, including OPEC exports from Saudi Arabia, Iraq, and Iran. Somewhat at odds with their rhetoric about entertaining a production freeze, their efforts are focused on ramping up exports (although Iranian production, ergo exports, appear to be stalling). The below chart is an oldie but a good […]